An investigation ordered by Credit Suisse Group AG cleared Chief Executive Officer Tidjane Thiam of inclusion in a mole scandal that has wrapped the bank and placed the primary blame for the issue on the assistant, who eventually had to resign.
The bank stated that the Chief Operating Officer Pierre-Olivier Bouée resigned following the investigation found that he ordered to spy on the bank’s former wealth-management head, Iqbal Khan, without discussing it with Thiam or other senior bank authorities. The Wall Street Journal revealed.
As indicated by the Forbes, Bouee, a long-term partner of CEO Tidjane Thiam, Pierre-Olivier Bouée ventured down on Tuesday after he confessed to requesting the Credit Suisse chief from global security services to put the former head of wealth management Iqbal Khan under surveillance, over unconfirmed tensions that he was poaching employees and clients for UBS, which he recently joined.
Bouée’s stepping down followed Khan’s unexpected resignation from Credit Suisse to join contender UBS, which drove Bouée to arrange a spy operation “to secure the interest of the bank,” Credit Suisse stated in an announcement. The Investigo private detectives were keeping a close watch on Khan from September 4 to September 17.
The board of directors stated on Tuesday that the decision to spy on Khan was “wrong and disproportionate” and taken without Thiam’s learning. They also added that it took suitable measures to ensure the organization’s interests. The probe found no proof that Khan was attempting to poach clients.
Bouee began his career in the French Treasury before he joined McKinsey and Co in 2000, where Thiam also served. In 2008, both of them joined Prudential from Aviva, where they worked together for around four years.
In 2015, Bouee became chief of staff at Credit Suisse and later promoted to chief operating officer, which required him to be in charge of global operations, security and IT. All the official surveillance fell under his domain.
The Swiss Daily news detailed earlier that Bouée and Remo Boccali ordered the surveillance, and the bank stated today that it had received the resignation of the global security chief.
While it’s normal for banks to attempt to anticipate staff who leave from poaching partners, the spying case has shaken Switzerland’s notoriety for calm professionalism and brought up issues about who ordered the monitoring and who thought about it. The National detailed.
Thiam is being saved from the responsibility for the drama after Bouée resignation, as he was under scrutiny over a rift in their relationship lately which was an open secret inside Credit Suisse for quite a long time.
Former Credit Suisse CEO Oswald Gruebel, shielded Thiam against analysis as it would harm the bank’s name.
Credit Suisse stated that James B. Walker, who holds a senior position in the bank’s finance organization, will be selected as a chief operating officer with immediate effect.